Byggmax growth solely due to new stores

Swedish DIY store operator Byggmax increased its sales in the third quarter of 2014 by 4.5 per cent compared with the same period a year ago to SEK 1.2281 bn. However, like-for-like sales were down 1.6 per cent. Growth in the first three quarters came to 10.4 per cent, yielding sales of SEK 2.8518 bn. The increase on the same retail area was 3.8 per cent.
Byggmax opened seven new stores during this period. No further new store openings are scheduled for this year; the company is concentrating instead on converting its stores to the new concept Byggmax 2.0. Following the conversion of 20 stores in the first nine months of the year, 45 stores are now operating according to this concept, equivalent to 40 per cent of the 112 stores in all. Another 15 stores are to be converted in the autumn, with a further 20 to 30 expected to follow next year.